With the gubernatorial race upon us, and local elections being decided throughout the country, the public will surely continue to be inundated with political ad campaigns and candidates’ appearances throughout the region. One of the most discussed issues involves Texas’ economy, and the correlated issues of unemployment rates and the public debt.

According to My San Antonio, Attorney General Greg Abbott, who is running for the 2014 GOP gubernatorial nomination, stated during a recent campaign appearance that Texas’ debt ranks as the second highest among large states in the U.S., while San Antonio holds the highest debt of any city within the state. While this state of affairs is concerning, especially considering the recent actions of cities in financial crisis in other parts of the country, perhaps the public can find some reassurance in the fact that the elections will call attention to these issues and potentially produce proposed resolutions.

Unfortunately, considering the state of economic affairs in the state of Texas, it is not surprising that the citizens of Texas also experience financial strain. While the proposition of filing municipal bankruptcy is something that is generally considered as a last resort and is something to be avoided, individuals do not always have other feasible options. However, bankruptcy should not always be viewed as a negative process, as bankruptcy can offer not only debt relief for those who file, but a fresh start at a positive financial future.

Individuals generally file either a Chapter 7 or a Chapter 13 bankruptcy petition, depending on their intentions and the facts and circumstances surrounding their particular situation. In a Chapter 7 bankruptcy, the petitioner obtains a discharge of his or her debt in exchange for surrendering certain items of property that will later be sold to satisfy their debt. The bankruptcy code allows for certain exemptions that can be used to protect some items of the petitioner’s property from being surrendered. In a Chapter 13 bankruptcy, the petitioner agrees to a repayment plan which provides for the petitioner’s debt to be repaid over a period of time, which can also include avoiding foreclosure by entering into a payment plan for the amount that is past due on the petitioner’s mortgage. The petitioner’s specific repayment plan will depend on various factors, including income, total amount of debt, and types and the extent of other property they own.

The bankruptcy process can be overwhelming and complicated. An experienced bankruptcy attorney in San Antonio can help guide you through the process and offer assurance in a stressful time. Contact us today to discuss your options in filing for bankruptcy, and for advice in how to seek relief from financial difficulty.